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Accounting News
EBay net dips 3 pct, outlook unchanged; stock down
YAHOO
Reuters - Web auctioneer EBay Inc. on Wednesday posted a 3 percent drop in quarterly net profit after accounting for stock compensation costs and stuck to a 2006 revenue forecast at the low end of Wall Street's targets.
Accounting News
Enron's Skilling defends stock sale
YAHOO
Reuters - Former Enron CEO Jeffrey Skilling on Monday defended his sale of millions of dollars in Enron stock, and said he had no idea the company had launched an internal probe into accounting issues.
Accounting News
Tyco To Pay $50 Million To Settle SEC Fraud Charges
AHN
Tyco International Ltd., will pay $50 million to settle accounting fraud charges, U.S. authorities said on Monday. The penalty stems from an accounting problem in which Tyco overstated an alleged $1 billion in it's results...
Accounting News
Zale Says SEC Is Examining Its Accounting
YAHOO
AP - Jewelry retailer Zale Corp. said Monday the Securities and Exchange Commission has started a probe into its accounting, executive pay and other matters.
Accounting News
Zale announces SEC investigation into accounting
YAHOO
Reuters - Zale Corp. , a jewelry retailer, said on Monday that the Securities and Exchange Commission initiated a non-public investigation related to accounting and other matters.
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Accounting News UnitedHealth says outlook not changed by SEC talks
YAHOO
Reuters - UnitedHealth Group Inc. on Friday said it finished discussions with the U.S. Securities and Exchange Commission over its accounting related to a Medicare contract, and the talks had no impact on its first-quarter financial outlook.
Sources: YAHOO
Accounting News Easter Profits For British Airways
AHN
Shaveta Bansal - AHN Contributor London, England (AHN)- Though market conditions remain unchanged, British Airways, Europe's third-largest airline, reported a 1.8 percent year-on-year increase in passenger traffic this Easter Season. Accounting for load factor, which measures how efficiently...
Sources: AHN
Accounting News Merrill to take $1.2 billion first quarter charge
YAHOO
Reuters - Merrill Lynch & Co. said on Monday it will take a $1.2 billion first-quarter charge, $850 million more than it had expected, as it switches to new accounting rules for employee stock compensation and modifies existing stock awards.
Sources: YAHOO
Accounting News Merrill to take $1.2 billion first quarter charge
YAHOO
Reuters - Merrill Lynch & Co. said on Monday it will take a $1.2 billion first-quarter charge, $850 million more than it had expected, as it switches to new accounting rules for employee stock compensation.
Sources: YAHOO
Accounting News Freddie sees lower 2005 income
YAHOO
Reuters - Freddie Mac, still recovering from a 2003 accounting scandal, on Friday said an estimate of the capital it held at year-end implied 2005 net income of $2.5 billion, down nearly 11 percent from 2004.
Sources: YAHOO
Accounting News GMAC to restate results due to accounting errors
YAHOO
Reuters - General Motors Acceptance Corp., the finance arm of General Motors Corp. , on Tuesday said it has misclassified cash outflows related to mortgage loan originations and purchases.
Sources: YAHOO
Accounting News CSK Auto delays report over accounting errors
YAHOO
Reuters - Auto parts retailer CSK Auto Corp. said on Monday it is postponing release of its fourth-quarter and fiscal 2005 financial results to review accounting errors discovered in an internal audit, sending its stock down as much as 9 percent.
Sources: YAHOO
Accounting News Freddie Mac says CFO resigns
YAHOO
Reuters - Freddie Mac , the second-largest U.S. mortgage funding company which is still recovering from an accounting scandal, said on Wednesday that Chief Financial Officer Martin Baumann has resigned.
Sources: YAHOO
Accounting News GM loss hits credibility of management
YAHOO
Reuters - General Motors Corp. disclosure of accounting errors and an additional $2 billion loss for 2005 on Friday deepened Wall Street doubts about the company's management and renewed questions about the automaker's long-term survival.
Sources: YAHOO
Accounting News Fannie Mae Announces Accounting Errors
AHN
Ayinde O. Chase - AHN Staff Writer Miami, FL (AHN) - Mortgage giant Fannie Mae announced on Monday it found huge errors, after being ordered by federal regulators to rework its accounting. Fannie Mae, sponsored by the government, finances one of every five home loans in the United States. The...
Sources: AHN
Accounting News Fannie finds new accounting errors, delays results
YAHOO
Reuters - Fannie Mae, whose accounting problems will likely lead to an $11 billion profit restatement, on Monday said it has found more errors related to some investment securities, loans and mortgage-backed securities trusts.
Sources: YAHOO
Accounting News Blockbuster to restate results
YAHOO
Reuters - Blockbuster Inc , the nation's No. 1 video rental chain, on Thursday said it will restate financial results back through 2003 due to accounting practices related to its rental library, but its shares rose as it reported a higher quarterly profit.
Sources: YAHOO
Accounting News Ex-Ahold management goes on trial over accounting scandal
YAHOO
AFP - The former management of Dutch retail giant Ahold will appear in court Monday for the accounting scandal that brought Ahold, then the world's second-largest retailer, to the brink of bankruptcy.
Sources: YAHOO
Accounting News Analyst report spooked Enron execs: witness
YAHOO
Reuters - Enron Corp.'s top managers fretted over a damning 2001 analyst report, fearful that Wall Street had uncovered its accounting tricks, a former executive testified on Thursday at the trial of former CEOs Jeffrey Skilling and Ken Lay.
Sources: YAHOO
Accounting News Liz Claiborne posts lower fourth-quarter results
YAHOO
Reuters - Liz Claiborne Inc on Wednesday said fourth-quarter profit fell as the apparel maker took a charge related to accounting for stock options.
Sources: YAHOO
Accounting News Enron played "fast and loose" with rules: witness
YAHOO
Reuters - Enron Corp. played "fast and loose" with the rules and accounting tricks were "standard operating procedure," a former top executive testified on Tuesday at the trial of former CEOs Ken Lay and Jeffrey Skilling.
Sources: YAHOO
Accounting News Overstock to restate financial filings
YAHOO
Reuters - Online retailer Overstock.com Inc. said on Tuesday it would restate financial statements dating back to 2002, citing an error related to accounting for freight costs, which will cut the net loss reported for the annual periods.
Sources: YAHOO
Accounting News Enron tapped cash reserves for profits: witness
YAHOO
Reuters - Enron Corp. illicitly tapped into cash reserves to inflate earnings demanded by former CEO Jeff Skilling to impress Wall Street, a former top accountant said on Monday at the trial of Skilling and ex-CEO Ken Lay.
Sources: YAHOO
Accounting News Fannie problems already disclosed: Rudman report
YAHOO
Reuters - Fannie Mae's principal accounting errors in a multibillion-dollar scandal have already been disclosed, and no member of current management knowingly participated in improper behavior, the company's internal review showed on Thursday.
Sources: YAHOO
Accounting News HealthSouth settles class-action case for $445 mln
YAHOO
Reuters - HealthSouth Corp. , a provider of rehabilitation services, on Thursday said it has agreed to settle a federal class-action lawsuit over its accounting for at least $445 million.
Sources: YAHOO
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